Year-End Checklist for Property owners and Strata Management Entities

As the year winds down, property owners and strata management entities often find themselves reflecting on the past months’ achievements and challenges. It’s a time to consolidate gains and address any lingering issues.

This checklist will help you round off the year with confidence and clarity. Whether it’s financial management, maintenance, or compliance, our resources and services are designed to support you in every aspect of strata management. If there are particular areas where you seek more personalised assistance, our team is ready to provide the tailored support you need.

Financial Management: Balancing the Books with Precision

The end of the fiscal year is a pivotal moment for financial review. It’s when you look back at the year’s income and expenditures to ensure everything aligns with your records. We recommend that you:

  • Reconcile bank statements to ensure every transaction is accounted for.
  • Prepare detailed financial reports for a transparent overview.
  • Review the year’s budget, learning from each variance.
  • Settle all invoices, ending the year debt-free.
  • Organise tax documentation to avoid last-minute hassles.
  • Revisit capital funds, preparing for future maintenance.

Keeping your finances in check is essential for a solid start to the new year.

Maintenance and Compliance: Upholding High Standards

A property’s upkeep significantly impacts residents’ quality of life. Regular maintenance and compliance with regulations are essential. To do this, consider these steps:

  • Inspect properties for any unnoticed wear and tear.
  • Share maintenance plans to keep residents informed.
  • Address pending maintenance requests to enhance resident satisfaction.
  • Update rules and ensure compliance with local standards.
  • Secure necessary permits for uninterrupted operations.

Diligent maintenance and compliance are the cornerstones of a thriving strata community.

Communication and Administration: Fostering a Connected Community

Effective communication is the foundation of harmonious community living. As the year concludes, ensuring that all communication channels remain open and transparent is crucial. We suggest that you:

  • Distribute annual reports to maintain transparency.
  • Organise the AGM to discuss key community issues.
  • Respond to owner inquiries with promptness and professionalism.
  • Maintain detailed records for future reference.
  • Update contact lists for seamless communication.

Strong communication and administrative practices foster trust and cohesion within the community.

Whether for commercial, industrial, or mixed-use lots, West Side Strata Management is here to help you prepare for a successful 2024. Contact us for expert guidance and a comprehensive suite of resources and services for effective property and strata management.